Amana Takaful transfers long-term business to Amana Takaful Life

Tuesday, 23 December 2014 02:06 - - {{hitsCtrl.values.hits}}

Amana Takaful PLC yesterday announced that the company will be transferring its Life insurance business, Family Takaful to Amana Takaful Life Limited with effect from 1 January 2015. The separation of Amana Takaful’s Life and General insurance businesses will enable the company to run the two categories of insurance as separate business entities. The transfer is taking place following a mandatory requirement introduced by Section 53 of the Regulation of Insurance Industry Amendment, Act No. 3 of 2011 which requires all composite insurance providers to segregate their long-term and general insurance businesses. With effect from 1 January 2015, all Life insurance policies held by policyholders of Amana Takaful PLC will be transferred to Amana Takaful Life Limited, which will operate as a wholly owned subsidiary. The transfer will come with the assurance that all obligations and responsibilities that the insurer has undertaken will continue unchanged. Amana Takaful remains

dedicated to providing all policyholders with a range of high quality insurance products and exceptional standards of service. Amana Takaful products in the Life category include; ‘Prosper’ Sri Lanka’s first Shari’ah compliant unit linked life insurance plan, ‘Adhyapana’, a long-term protection and saving plan that will fund the education of children whilst providing their parents with health cover and ‘Surakshitha’, an affordable life insurance cover. Also included in the Life portfolio is ‘Platinum’, which is designed to suit those who want to provide the best money can buy for the ones dearest to them, ‘Group Life’, a life insurance cover created especially for employees and ‘Safeguard’ a mortgage protection cover. In 2014, Amana Takaful also introduced several innovations and unique insurance policies to effectively meet the needs of the market. The ‘Suwasiri’ health insurance policy priced at Rs. 2,222 (annually) gives all Sri Lankans access to medical insurance in order to continue peace of mind throughout bouts of poor health. The ‘Crystalline’ cover specially designed for ladies was introduced to support the health and well-being by providing comprehensive insurance cover for common ailments faced by women. This year, the company also launched another industry-first with the ‘13 Months Cover Drive’ promotion, which provided policyholders 12 months of ‘Total Drive’ motor insurance cover, with an additional month of insurance at no extra cost. Amana Takaful has been recognised for its innovation and quality of service for over 15 years. The company offers a selection of insurance products that cater to a vast variety of customers. ATPLC was recognised at the 2014 SLIBFI Awards and received two gold awards for the ‘Best Islamic Finance Entity of the Year’ and for the ‘Product of the Year’ for ‘KruthaGuna’, the company’s unique hospitalisation insurance policy for senior citizens over 55 years of age.